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Social Sciences: Achievements and Prospects Journal 3(11), 2019 Social Sciences: Achievements and Prospects Journal 3(11), 2019 Contents lists available at ScienceCite Index Social Sciences: Achievements and Prospects Journal journal homepage: http://scopuseu.com/scopus/index.php/ssap/index What are the differences between the study of Micro Economics and Macro Economics and how are they inter­related with regard to the drafting of economic policies to remain current and relevant to the global economic environment Azizjon Akromov 1, Mushtariybegim Azlarova 2, Bobur Mamataliev 2, Azimkhon Koriev 2 1 Student MDIST 2 Students Tashkent State University Economic ARTICLE INFO ABSTRACT Article history: As economics is mostly known for being a social science, studying production, Received consumption, distribution of goods and services, its primary goal is to care about Accepted well­being of its society, which includes firms, people, and so forth. The study of Available online economics mainly consists of its two crucial components, which are Keywords: microeconomics and macroeconomics. Together these main parts of economics are concerned with both private and public sector issues including, inflation, economic Macroeconomics, growth, choices, demand and supply, production, income, unemployment and many microeconomics, other aspects. It is already mentioned that well­being of society would be indicators, production, established when government, while making economics policies, assume all factors consumers, companies, including those people who are employed or unemployed, so that no one gets hurt economics, government or suffer in the end. When it comes to making economic decisions and policies, governments should take into consideration that decisions made on a macro level has huge impact on micro and the same with micro, firms, households, individuals’ behaviors and choices come as aggregate in total, then turns into macro level, which triggers the introduction of some policies. In other words, tax reforms, if not appeal to suppliers or cut income of consumers, may hugely impact on overall GDP, as production and consumption would fall. Therefore, this paper will provide an insight into how both levels of economics differ from each other, when they cooperate, what are commonalities and how they are inter­related. © 2019 The Author. Published by OEAPS Inc. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). * Corresponding author. E­mail address: Crossref DOI: EU Sciences Cataloge DOI: 10.5281/zenodo.2614280 ISBN: 9781090659040 23 Social Sciences: Achievements and Prospects Journal 3(11), 2019 Macroeconomics and its functions determine demand and supply is affected. In general, Being the important component of economics, macro micro deals with household and individual behavior, is the study of national, regional and global economic which is referred as consumer theory. The concept of behavior, which is concerned with analyzing, utility builds consumer theory, including economic examining, monitoring and maintaining economy­ level of happiness and the increase of economic wide situations and issues like total number of goods happiness can increase consumption of particular or services produced within an economy, goods and demand for them. The utility function unemployment level, inflation level, general price captures the kind of goods is chosen by consumers behavior and national income. These concerns of and measures the level of happiness if particular good macroeconomics prompt that macro focuses on large­ is consumed. On the other hand, consumers are tied scale and general economic factors, assuming simple up with their budget constraints, which limits the and individual factors of economy to aggregate. It variety of goods can be afforded by them. Consumers analyzes and gathers economic data, which includes appear to play a role of utility maximizer, where they unemployment, GDP growth, income and inflation. try to buy the optimal value and number of goods, In other words, macroeconomics deals with behavior, which can maximize their utility, and of course within performance, decision­making and structure of the frames of their budget potential. Producer theory, aggregate economy in its fundamental form, rather meanwhile, reveals how producers behave and views than concentrating on individual components of firms and companies as entities that can turn input economy. It is known that complexity in such as factors of production into output, by using macroeconomic structures have existed since ancient particular level of technology. times, where societies contributed to the development of its discipline and it is easy to interpret the meaning Distinction between micro­ and macro­economics of macroeconomics. Up to 1930, the analysis on The difference between microeconomics and economic events mainly focused on micro level by macroeconomics simply relates to the scope of studying individual firms, industries and consumers. coverage. That is to say microeconomics examines The incipience of macroeconomics relates to the and studies individual components of economics theory of self­regulating markets introduced by separately and individually such as individual firms, Scottish economist Adam Smith, who believed that individual households, individual industries. economic events like recession, inflation, Macroeconomics, on contrast, focuses mainly on the unemployment tend to be natural factors which whole economy, assuming each component to cannot be avoided. aggregate level. For instance, when studying individual car production company (BMW), the study Microeconomics and its functions would be on a micro level, but if we study whole car As microeconomics is the inalienable branch of production sector, the study, in this case, would be on economics, it studies the isolated units of economy, macro level. In other words, if we consider economy like each company, market, household, person and as a forest, the study of microeconomics would be other individual pieces, by putting together, can make about examining the trees of that forest and up the aggregate economy. Therefore, it is the branch macroeconomics would be studying the forest itself. of economics which is concerned with single effects and factors of individual decisions, choices and behavior. These factors influence individual economic aspects, incur changes in factors and 24 OEAPS Inc. Social Sciences: Achievements and Prospects Journal 3(11), 2019 How macro and micro­economics are inter­ level and national income within an economy. These related? indicators, including price level, national income and Microeconomics is hugely depended on activities of others are affected by fluctuations of macroeconomic macro level of economy. For instance, interest rate, issues. Therefore, changes in macroeconomic price, profit rate, individual income, etc., are all determinants effect the changes in microeconomic known as microeconomic factors, yet they hugely aspects and vice versa. On the other hand, depend on behavior of macroeconomic measures. macroeconomics, being the study of micro units of Interest rates, price level, wages all individual aspects economy, examines the individual sectors as whole. are determined by aggregate demand and aggregate National output and income can be considered as the supply not just by individual supply and demand. The sum of output and income of whole population and same with profit of income highly depends on companies. Price level is calculated by assuming aggregate demand, nature of market, general price appropriate prices of commodities within a country in OEAPS Inc. 25 Social Sciences: Achievements and Prospects Journal 3(11), 2019 a fiscal year. Some theories of macroeconomics are Courses.lumenlearning.com. (2019). Differences modeled from theories of microeconomics. For Between Macroeconomics and Microeconomics | example, behavior of firms and consumers make up Boundless Economics. [online] Available at: https:// the total investment and consumption functions. courses.lumenlearning.com/boundless­economics/ Thus, both decisions made on macroeconomic level chapter/differences­between­macroeconomics­and­ significantly impact microeconomic level and microeconomics/ [Accessed 2 Mar. 2019]. behavior of individual households and firms; the same decisions, income, and demand and supply on Encyclopedia Britannica. (2019). Macroeconomics. micro level make up the macroeconomic metrics. [online] Available at: https://www.britannica.com/ topic/macroeconomics [Accessed 3 Mar. 2019]. Conclusion As to conclude, let’s once again revise that Encyclopedia Britannica. (2019). Microeconomics. macroeconomics and microeconomics differ from [online] Available at: https://www.britannica.com/ each other to some extent. While microeconomics topic/microeconomics [Accessed 3 Mar. 2019]. mainly concerns with individual units of economy such as individual income, individual person, Forum.daffodilvarsity.edu.bd. (2019). The individual wage, individual saving, individual Relationship between Microeconomics and choices, consumer behavior and supplier behavior, Macroeconomics. [online] Available at: http:// macroeconomics looks at the sum of these individual forum.daffodilvarsity.edu.bd/index.php? components, where all aspects of economy are topic=39558.0 [Accessed 3 Mar. 2019]. assumed to aggregate and instead of individual income or savings, it looks at national income, Management Notes. (2019). Interdependence savings, wages, and including at taxes, inflation, between Microeconomics
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